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The Fed is breaking all kinds of records these days. Its balance sheet has swelled to more than $2.9 trillion and will reach new highs in 2013 as the Fed purchases $85 billion a month in Treasury and mortgage-backed bonds.

Kocherlakota Sees Record Fed Stimulus as &#39;Too Tight&#39; Businessweek Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said the central bank may not be providing enough accommodation given his outlook for prices and the job market. "Inflation will run below the Fed&#39;s target of 2 percent over the next two ... and more&nbsp;&raquo;

&ldquo;The National Association of Realtors &reg; applauds the Consumer Financial Protection Bureau for creating a broadly defined Qualified Mortgage rule that establishes strong consumer protections while ensuring continued access to safe, affordable mortgage credit. &ldquo;NAR forged a coalition of partners that urged regulators to honor Congressional intent by crafting a broad QM and we are pleased that the rule encompasses the vast majority of the safe, high quality lending being done today. We will continue to work closely with the CFPB to ensure that the cap on fees... Read More

Banks prepare for earnings; mortgages cast a pall Businessweek NEW YORK (AP) - Legal troubles and regulatory scuffles keep piling up for the banking industry, a fact that&#39;s sure to drag down results when the banks start reporting fourth-quarter earnings beginning Friday. Most obvious will be the pall cast by this week&#39;s ...

Gross Raises Holdings of Treasuries to Highest Level Since July Bloomberg Pacific Investment Management Co.&#39;s Bill Gross raised the percentage of Treasuries held in his flagship Total Return Fund to 26 percent in December, the highest level since July. Pimco disclosed the holdings data on its website today. To contact the editor ...

East Room 1:40 P.M. EST THE PRESIDENT:&nbsp; Good afternoon, everybody.&nbsp; Please have a seat.&nbsp; A little more than four years ago, I stood with Mr. Tim Geithner and announced him as my first nominee to my Cabinet.&nbsp; We were barely two months into the financial crisis.&nbsp; The stock market had cratered.&nbsp; The housing market had cratered as well.&nbsp; Bank after bank was on the verge of collapse.&nbsp; And worst of all, more than 800,000 Americans would lose their jobs in just that month.&nbsp; And the bottom was not yet in sight. So I couldn&rsquo;t blame Tim when he tried to tell me he wasn&rsquo;t the right guy for the job.&nbsp; (Laughter.)&nbsp; But I knew that Tim&rsquo;s extensive experience with economic policy made him eminently qualified, and I also knew that he could hit the ground running.&nbsp; As Chairman of the New York Federal Reserve, he had just spent several sleepless and chaotic weeks immersed in the complexities of the crisis, and had been working closely with his Republican predecessor at Treasury to save the financial system. Then, with the wreckage of our economy still smoldering and unstable, I asked Tim to help put it back together.&nbsp; And thanks in large part to his steady hand, our economy has been growing again for the past three years, our businesses have created nearly 6 million new jobs.&nbsp; The money that we spent to save the financial system has largely been paid back.&nbsp; We&rsquo;ve put in place rules to prevent that kind of financial meltdown from ever happening again.&nbsp; An auto industry was saved.&nbsp; We made sure taxpayers are not on the hook if the biggest firms fail again.&nbsp; We&rsquo;ve taken steps to help underwater homeowners come up for air, and open new markets to sell American goods overseas.&nbsp; And we&rsquo;ve begun to reduce our deficit through a balanced mix of spending cuts and reforms...

Regulators issued new mortgage rules on Thursday designed to prevent a return to lending practices that cratered the housing market and brought the financial system to its knees during the past decade. Here's a look at some frequently asked questions:

FBI&#39;s Washington Office Hones in on Financial Fraud Cases Businessweek The U.S. investigators at the center of the international probe into the manipulation of interest rates may not be who people would expect -- and they are far from done with their work. The FBI&#39;s Washington field office, known for its terrorism and public ...

Financial Services Committee Chairman Jeb Hensarling made the following comments about the Ability to Repay and Qualified Mortgage rule released by the Consumer Financial Protection Bureau today:&nbsp; "The CFPB has been given a job that is both impossible and dangerous.&nbsp; Impossible because the CFPB is a big government bureaucracy in Washington attempting to determine which mortgages are appropriate for 100 million Americans, each of whom have their own personal circumstances that the CFPB knows nothing about.&nbsp; Dangerous because the CFPB has been given vast, unprecedented and unchecked power, all delegated to a single director whose alleged recess appointment by the President is legally questionable.&nbsp; Rather than bringing greater certainty to the marketplace, every decision made by the CFPB will therefore be under a cloud.&nbsp; All could be overturned because the CFPB director's appointment is possibly unconstitutional, unlawful or both. "These types of 'one-size fits all' solutions always - always - are fraught with unintended consequences.&nbsp; After all, government regulations and policies that strong-armed, incented and cajoled financial institutions into loaning money to people to buy homes they couldn't afford are a major reason why we had the financial crisis to begin with.&nbsp; Ironically, now we have government regulations attempting to tell financial institutions not to do what the government was telling them to do before.&nbsp; "We have already started to see a consolidation in this market as participants, including banks and other mortgage loan originators, pull back from offering their products and services.&nbsp; As the Financial Services Committee examines this and other mortgage rules, we will look to see how they will impact a community financial institution's ability to compete and offer sustainable, affordable mortgages, or whether they will cause a further consolidation...

As federal regulators and banks argue over new lending standards, one important fact about the housing market goes largely overlooked: More than 20 million American homeowners own their homes outright. No mortgage.

Today, we're issuing one of our most important rules to date, the Ability-to-Repay rule. It's designed to assure the reliability of mortgages - making sure that lenders offer mortgages that consumers can actually afford to pay back. This is a simple, obvious principle that needs to be cemented in the housing market. In the run-up [...]

FRANKFURT (MarketWatch) -- European Central Bank President Mario Draghi on Thursday said weakness in the euro-zone economy will extend into 2013, with a "gradual recovery" taking hold later in the year. Draghi said risks to the economic outlook remain weighted to the downside and are related to slow implementation of economic reforms by euro-zone governments. Draghi said that while inflation remains above the ECB's target rate, annual inflation should fall below 2% later in 2013 and that the central bank sees inflationary pressures as contained. Earlier, the ECB left its key lending rate unchanged at 0.75%, as expected.

FRANKFURT (MarketWatch) -- European Central Bank policy makers voted unanimously to leave interest rates unchanged Thursday amid signs of healing financial strains in the euro zone and no change in the institution's outlook on price stabiity, ECB President Mario Draghi told reporters at his monthly news conference. There was "no reason to change the decision taken last month," Draghi said. The ECB chief noted signs of healing strains in the euro-zone financial system and markets, with government bond yields "significantly lower," higher equity prices, stronger capital inflows. While "fragmentation" of euro-zone financial markets is healing, however, significant signs of strain still remain, he said, noting that improvements haven't yet fed through to the real economy.

Today we're in Baltimore, MD for a field hearing on mortgage policy. Watch here for remarks from CFPB Director, Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.

Jack Lew, President Barack Obama's likely nominee for treasury secretary, is a premier federal budget expert who would take the helm of the government's main agency for economic and fiscal policy just as the administration girds itself for a new confrontation with congressional Republicans over the nation's debt and deficits.

Simplified US Mortgage Document Coming in Summer, Cordray Says Bloomberg The Consumer Financial Protection Bureau will unveil plans for a simplified mortgage disclosure this summer, its director, Richard Cordray, said in an interview. "We have to do some quantitative consumer testing on that to really get to the finish line," Cordray ... and more&nbsp;&raquo;

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